The wiring I can understand,it can be replaced and you could still wind up with a good deal, but good luck with the asbestos
The asbestos is easier to deal with than a whole house rewire unless you're really good at drywall (this guy couldn't swing a meat hammer, much less an actual hammer). He asked me what we paid for a whole house rewire ($5K with me doing the drywall work) and he thought it wasn't that bad. When I told him "if you're not doing the drywall add another $5-10K onto it and more if you're not at 220 already" he didn't sound too happy.
They bought our 1,350 sq ft bungalow in Rosemont (Alexandria) for $280k and sold it 2 years later for $465k, so yeah, they weren't unhappy. It's now worth north of $800k I think.
If you got into the housing game there in 2004 you're probably kicking ass right now. I feel sorry for young people there without deep pockets and long arms trying to get into the housing market there.